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tv   Varney Company  FOX Business  October 24, 2017 9:00am-12:00pm EDT

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mnuchin at that investment conference first on fox interview thanks to kevin kelley lawrence from the blade, it is all about mr. stuart varney right now "varney & company" take it away. >> thank you very much we will. talk about strong profits, huge. and just watch that market go. profit is not a dirty word on wall street good morning. the big names laid out their financial performance and looking really good. general motors caterpillar three mcdonald's improving big time we show you movements in time we show you movements in all them up sharply. that's why the dow will open with triple-digit gain completely eliminating yesterday's pullback. trump rally continues. today it's fueled by ongoing surge in profits. but do not ignore the push for tax cuts, today the president goes to lunch with senate
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republicans, he needs just 50 votes to get tax cuts on the books. he will deliver pep-talk and maybe a threat if you can't get it done, the gop loses next year, now, that's a powerful threat. any positive news on tax cuts would surely help stock market some more. as we have said so often, sit back and watch history unfold, this is a stock market rally for the ages. varney & company is about to begin. ♪ ♪ stuart: well, let me show you this again, ladies and gentlemen, look at the future's market. indication of how we are going to open at 9:30 this morning. we will be up. we will hit record highs all across the board. there are four dow components which have already reported their financials this morning, 3m, caterpillar, mcdonalds and
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united technologies. they are going to be up 6 and a half percent and mcdonald's stocks up a little. all straight up. now here is another one for you, fiat chrysler and general motors, standout is general matters, it made $2.1 billion profit just in north america and made $500 million profit in china. that stock is going to 46, maybe close to 47 today. look who is here, keith fitzgerald. all right, keith, you were right about big tech, you said amazon and facebook will go down. you got that right. i'm not interested in yesterday, i'm interested in today. how about general motors, how about buying that stock at 46? what do you say?
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>> i like general motors, i think it's interesting, ill rather buy something else because i think they are strapped by car manufacturers, i like caterpillar, manufacturing base and world growth which right now is in ten years. i think it's more important play right now than stuff and things that we talked about yesterday. stuart: how about mcdonalds, 165, would you buy them at 165? >> i would not recommend buying mcdonald's at 165, here is why. the company struggled a lot. menu got confused. until the company gets back to core value, great burgers and fries, i think they have a problem. but i don't like going in there and paying for something that i don't think it's worth it. stuart: strong stuff.
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give me the big picture for a second. what we have here is strong profit, does that indicate a strong economy? >> that's the part that gets into my ballpark, now, i'm looking about the future, yes, it does, real profits are great as we have talked about for a long time. stronger than people expect because the ceo's, not politicians that are grabbing headlines, ceo's have to adjust to this risk every single day. they have to maneuver on behalf of shareholders and more importantly, they understand real money and thousand generate profits. this is fabulous, the path is higher as long as they can continue to put numbers on the board. stuart: one more thing, you said yesterday that ge, general electric, the great general electric would be out of business in ten years. tell me, you would not buy ge at 22? >> no. not when i have alternatives like alphabet, like am, like facebook, any other technology place, i standby my statement
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yesterday. i don't think the ge we are going to see in ten years is close to ge of today, they're all about execution, it's poorly at that. the situation reminded me of ibm when it missed the internet. i don't think it's going to be back. any investor that's dealing with ge better think twice because they don't want to get burned twice. stuart: i think you're totally wrong about ge but right about everything else. let's leave it at that, keith, always a pleasure, thank you, sir. all right. let's get to politics, shall we? always interesting, we do money and then politics. president trump tweeting about senator bob corker again, bob corker who helped president o get bad deal is now fighting tax cuts. [laughter] stuart: he goes on. corker dropped out of the race in tennessee when i refuse today endorse him and now he's negative on anything trump. look at his record. well, look who is here, senator john kennedy, republican from
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louisiana. you think senator corker will vote for tax cuts after all of this, mr. senator? >> yes. [laughter] >> i think senator corker is a big enough person to not allow his personal feelings get in the way of what's best for the country. bob is an extraordinarily businessman and understands the anger in america, too many believe that the american dream is beyond their reach. bob also understands that for the last eight years under president obama their effort was to tax, spend and regulate the country into prosperity, it can't be done and bob understands we need to do tax reform and i believe he will vote for it. stuart: you are going to be at the lunch today. president trump is going to the trump, the senate republicans holding this weekly lunch. he's going, you're going, what
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do you want to hear from the president today? >> two things, i want to hear that he is willing to go to every single state over the next 60 days and talk about the importance of cutting taxes, number two, i want to hear him endorse my idea about how to fund his infrastructure plan. we have $2.6 trillion overseas owned by american businesses, they're not going to bring back to america, stuart, because as soon as they do, they have to pay a 35% tax. i want to make them a deal, a 5-dollar-foot long special deal that you can bring it back to the united states, that money and only pay a 9% tax and then i want to take that money, i don't know how much in taxes it will generate, a couple a hundred billion hopefully and i want to spend every single penny on infrastructure because too many of our roads in this country are axel-breaking insults to 21st
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century. stuart: 20 seconds left, straightforward question, regardless of what the plan contains, will the president get 50 votes on the senate for yes on the tax cuts? >> yes. stuart: that was 3 seconds that was pretty good, mr. senator. >> but i would tell all your listeners, politicians are like teenagers, they respond to money, peer pressure and attention, call your senator, call your representative, tell them you need more take-home pay. stuart: got it, yes, sir, mr. senator, thanks for joining us. i mean that sincerely. california billionaire tom stire is launching a 10 million-dollar campaign to impeach president trump, look at the ad, roll tape. >> he's brought us to the brink of nuclear war, obstructed justice at the fbi and in direct violation of the constitution taken money from foreign
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governments and shut down media that reports the true. if that isn't a reason to impeach the president, what has our government become. stuart: well, fox news contributor rachel campos duffy. >> dramatic frontline music and everything. i loved this because he's spending $10 million, $10 million that they are throwing down the toilet. they are doing nothing with the resistance movement to address and win back the people in wisconsin and michigan, the blue-collar working-class people many democrats that they lost. they are not doing what they need to do to win the midterms and frankly to poise themselves for a comeback in presidential election. stuart: i sense that president trump is on the verge on a win on tax cuts and that's why the left is so desperate to up-end him some how or another right
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before he gets the win. ashley: dramatic way of doing it. stuart: overreach. liz: what are the crimes and misdemeanors? stuart: he's grabbing the headlines, 10 million-dollar campaign. they will run in all 50 states. i think it's overreach by a long, long shot. >> there were two congress -- congresswoman and congressman on the democrat side who tried to pull the impeachment stuff and democrats in leadership were like, whoa, whoa, they were trying to walk it back, they know this isn't going to help in this long run, looks like overreach and crazy, frankly. liz: one thing they are saying obstruction, in other words, when president fired james comey is saying was impeachable. stuart: that's one of the things that steye listed. liz: that's right. stuart: bringing to the brink of nuclear war.
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>> i'm not sure that's what's happening, though. stuart: corporate news, big stuff here. sears cutting ties with whirlpool, get that. first time in nearly century can't buy whirlpool, maytag either. impossible for them to sell at reasonable price. i think sears is in deep trouble, so is whirlpool stock by the way. persecution of christians is all-time high, 75% of religious persecution is directed at christians, we have a big name to talk about this, paster joe osteen. adele is working on a deal to perform in vegas, the biggest payday for vegas entertainer ever. walking down the hallway, there he is, that man is a fan of this
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program and we are a fan of his. that's legendary country star charlie daniels on his way in. how about that? ashley: belt buckle. stuart: he's with us next. come on in. [laughter] ♪ ♪
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stuart: well, i'm going to repeat the news about adele, she could soon be the highest-paid entertainer in las vegas, negotiating a deal that could earn her 26 million bucks to one-year residency, half a million dollars per show. all right, he's sitting in his seat now, charlie daniels is with us, charlie, you're a star. >> i thought you were going to tell me how to give half a million dollars for show. that's amazing.
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stuart: a star like you surely made half a million dollars for a show. >> no, i haven't. that's a lot of money, stuart, you know? stuart: i do know that. >> only tv hosts make that kind of money. stuart: you'll be 81 year's old -- >> four days. stuart: would you ever retire? >> when good lord calls me home. i love what i do. i sincerely love what i do. i love getting on stage every night and playing music that i have created for people and having them enjoy. it don't get no better than that to me. stuart: how many nights do you play per year? >> 102 dates on the books this year and we do -- i want you to do a minimum of ten shows, we will do those. we will work probably a few charity things, 125, 139 altogether. that's extraordinary. >> not really, not really, we used to do 200 back in the day.
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we used to do couple a hundred a year. it's comfortable to me and i enjoy it. stuart: it's like president trump, the man is 70 year's old and he goes and goes. >> he is, he really is. i'm amazed at how much he does go and constantly in motion it seems like more than any president that i remember. stuart: you're a president trump guy? >> i like. stuart: you voted for him? >> you always -- [laughter] >> suppose. stuart: let's suppose we get this tax plan, let's talk about how the top tax rate, 39.6% will not change. guys like you will keep on paying that top rate even though you voted for probably a tax cut, how do you feel about that? >> you know, i am so -- i am so lost in situations like this. i don't know what affects me and what don't affect me, anything
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tax cut -- i'm not -- if i don't get one and everybody else does, that's okay, as long as it helps the economy, because when it helps the economy, it helps everybody. i see it that way. it don't bother me that somebody makes more money than i do. i don't care. i take care of what i do, but everybody else take care of what they do, let's work together to pay taxes and make this country work. you know, this -- this envy between people, tax rut for the rich, it's not tax cut for the rich, rich people, they pay, what is it 70% or something like that. stuart: depends where you live. you lose 60%. >> you know, what more are you going to do? so i don't really care. don't make difference to me. i know a lot of people who make more money than i do. people can buy concert tickets and records and books. stuart: exactly. [laughter] stuart: you have a book?
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>> i do. stuart: look at that, charlie daniels, never look at the empty seats. what do you mean by that? >> when you're young musician if you're starting out and want to make it and i did with all of my heart, you -- you'll play anywhere you can play for anybody who is there for anything they'll give you. so you will have empty seats, some people show up out of curiosity, you're not going fill the house every night. you walk in and think, well, i only have a half house tonight and play 30 minutes and goof off, bad deal, next time you come back, people aren't going to come see you but if you entertain those people that are in those seats, next time they'll come back and you are starting to have following. stuart: guarantied to buy your book, ashley webster. ashley: oh, yeah. >> we are traveling bodies. >> of all places to go, paris,
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rome. [laughter] stuart: charlie daniels, you sir are all right, we will buy your book. >> thank you. stuart: we have espn canceling controversial new show and only aired once. we will tell you what was wrong with it after that hi, i'm the internet! you know what's difficult?
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stuart: espn is canceling its show bar stool van talk was only on for one episode, what happened? ashley: controversial going in. it was born out of podcast, very edgy, sporty but the material is not politically correct. it airs once. maybe this isn't something that we should be associated with. one of the female anchors on espn which had had own trouble with getting into politics, questioned on air why they are associating with this barstool brand and aired for one episode and they said, no, sorry. i think it's just another misstep from espn, they knew what they were getting into and they pulled back. stuart: lizzie, was it --
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liz: reports saying that he called a female anchor a blank absolute. horrible statements like that. stuart: if you do that, you're gone. as far as i'm concerned, you're gone. ashley: they shouldn't have touched it in the first place. stuart: another misstep, why on earth did you put it on the air? why would you do such a thing specially given your situation right now with all the trouble that you've been having? liz: more statements like that that came out. stuart: i think we are in general agreement. look at this, the market is going up again big time this morning in about four and a half minute's time the dow will open at new record high and i think the same will be true of the s&p and the nasdaq. what a day, stay right there. big day coming up
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stuart: two factors affecting the market this morning, and by the way, the market is going to go up in about 33 seconds time. factor number one is extremely good profit reports from some of the biggest names of american business. profit reports are come in this morning and they are very strong. that really helps the market. the other factor is president trump going down to capitol hill
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today to attend weekly republican senators lunch, he will no doubt demand 50 votes in the senate for a tax cut package, he's going out there to get 50 votes, that's another factor on -- 69 points, we are up, running, look at that. 124 points on the cusp of hitting 24,000. plenty of green. 23,400, we just hit it. s&p 500, i'm not sure if that's an all-time high. it's up another 4 points. ashley: why not? [laughter] stuart: why not? i'm off track, quite frankly. how about the nasdaq? it's up 12 points right close to 6,600. i never thought it would get to 5,000 but it did.
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four dow components, here they are, 3m, caterpillar, mcdonalds and united technologies, all of them reported this morning but all united technologies are on the upside very substantially so. 3m. up 3%, mcdonalds has now hit $165 per share. that's an all-time high for caterpillar, 139. fiat chrysler, general motors both reporting, big one is general motors, 2.1 billion just in north america. 500 million in china. the stock is now at 46.51. few months ago that thing was at 33. what a move. ashley webster is here, sit up straight. [laughter] stuart: elizabeth mcdonald is here, steve cortez, scott shellady. we are happy, the market is going places. greetings, great way to start the day. all right, earnings reports, first of all to you scott shellady, i know that you are over in london, what stands out
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from profit reports? >> the great cross section of american industry showing good news. i'm a show-me kind of guy and this is taking mcdonalds to 3m across the board. slowly but surely we are seeing tide raise all the boats. the biggest thing that jumps out at me cross section of good news and not just sector by sector. stuart: steve cortez, what jumps out at you? is there steve? i'm sorry, we lost his mic there. that's okay, we will move on. look at those dow losers now. we have general electric, below $22 a share, j&j, merck, travelers, coca-cola. ashley: ge is the biggest loser. liz: worst day in six years. stuart: ge got another downgrade, i think their dividend is in doubt. we find out november 13th if
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they will keep on paying it. 22 bucks a share, pay up 4% dividend yield which is pretty strong. now we are up 150 points for the dow industrials, this is tuesday morning, yet another record high we just hit it. president trump says, he's very close to naming a federal reserve chair nominee and those are the possible candidates right there. what do we have, liz? liz: he will make a decision before he leaves for asia on november 3rd, advisers are steering him to powell and economist john taylor. taylor is hawkish on interest rates. if he was fed chair now, the interest rate would at 3.5%. powell is light on regulation, here is a talk, jerome powell could be fed chair and taylor vice chair. stuart: how about this?
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sears will no longer sell whirlpool appliances, may tag and kitchenaid, same story. business relationship that lasted about a hundred years. scott, is this another nail in the coffin for sears? down to 650 at the moment on the stock. >> yeah, once you start closing stores and dropping lines u it just seems to me that you get in this negative loop and that's very difficult, if not impossible to kind of get out of and i think sears is in the midst of that with competition and what they've been throwing to the side it'll be extremely unlikely for them to pull out of the down slide. stuart: we've got that. check the big board again, please, if you're listening on the radio, here is the story, we are up -- new high 160 -- 160 points as we speak, 23,436. how about that? ashley: halfway there at 24,000. we joyceed about it when he hit
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23,000. liz: we are setting records. 242 days without 3% to the downside move. that's 11 and a half months. we haven't done in years. stuart: couple of individual stocks, pharmaceutical eli lily, stronger profits, the stock is barely budging, higher costs are hurting jet blue and down 2%. aerospace company lock hood martin, lower profits, however, company says output for next year is positive, nonetheless the stock is down 5 bucks. is making more money for strong demand for new homes and the stock is up this morning. not much but over at 1% gain. stanley black&decker, make all the tools. 6 bucks higher, that's 4%. chipotle, now they report profits after the market closes this afternoon. we are walking up to that with higher profits almost across the
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board. they are looking at maybe a better showing for chipotle and that's up a 1.55 as we speak. there's a new survey and it shows demand for the new iphone 10 will be substantial but not exceptional. those are the words used and apple is at 156. scott, you know, should apple be concerned about this? >> well, first of all when i read the article, i wasn't quite sure that was a self-manufactured demand article. maybe that's just because i've been trading for 30 years and i get skeptical about anything like that. but, you know, with the 7 in more demand than 8, it'll be interesting. remember, they were the ones that were the first people to give you new and improved and put last product out of product cycle. they've been a ground-breaker, it's hard to go against them but very interesting to see if this was a self-demand or self-created demand story or there actually is problem with
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supply. stuart: yeah, fair point. by the way, 3m hit all-time high as well. there are some really strong dow performers this morning. that's helping to push the dow straight up. liz: i want to help you with that t facebook story, but go ahead. there's update to it. stuart: here is what i've got on facebook story. 3m, that's all-time high. now give me facebook, they are testing changes to news feed, some companies are worried that they will have to pay -- pay facebook to get on your news feed. >> yeah, there was a collective freak-out. two-thirds of americans get news from social media. facebook saying we are not going to charge publishers to put news items in main news feed. they are testing and experimenting with news feeds and pushing certain publishers into layer that's three levels down called the explorer feed
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facebook pushing back on collective freakout that will charge publishers to be in main news feed. they say they are not doing that. they are experimenting. stuart: steve cortez is with us now. fixed the technical problem. give me the big picture, what stands out at you this morning from all the earnings, really strong earning report that is we are getting? >> right, stuart, you know what i love we are seeing strength both in industrial sector and on the consumer side and the industrial side we are seeing caterpillar which i think you talked about and connell: assumer side, 3m, mainly-customer company. we are seeing broad-base growth here. i think, stuart, what we are seeing optimism that we are going to get tax cuts, we've already got regulatory relief which is magnificent for the economy, tax cuts are coming, growth is back, 2018 is going to be a banner year not just for markets but main street, ground
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level. [laughter] stuart one look at the market will cheer a lot of people. look at this. now we are up over 180 points on the dow industrials, that puts us at 23,454. we are half way to 24,000. ashley: catapillar adding to gain. stuart: strong performance. liz: what's going to knock the market off the rails? we are in record territory, 242 days straight. we have never seen that before. last time we saw that happened in 1995. 1% moves is a big deal now. that's only four times this year. stuart: scott, what knocks us off this long-running rally? >> it's going to be hard to see what it could be, stuart, because the black swan is getting further and further away only because i say this, the threat of nuclear war on the hors -- horizon, that didn't
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knock us off the rails, washington is not knocking us off the rails. also record on how much cash is out there. it's shocking that stocks and bonds, financial of the economy of the world is three and a half times larger -- the u.s. economy, sorry, that's the change. there's so much investable cash out there looking for yield. liz: 20 trillion. stuart: you're talking about 20 trillion in central bank money. liz: it can be from overseas central banks, they could pile into the market. stuart: 20 trillion. sorry, repeat that, scott, go ahead. >> i think swiss national bank is a huge owner of stocks. there's such a wider audience with more cash that's making the market trade the way it is. stuart: steve cortez, i have to throw this at you, if there is no tax cut, if the senators
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emerge from lunch today and say we are so angry at trump, we will not give him 50 votes for tax cut, that surely would not knock market off rally mode, wouldn't it, steve? >> stuart, i think it would. i will tell you that. as optimistic as i am, cheerful as i am about the real economy and stock market, that would be in my mind catastrophic not just for markets but also for the real economy. there are a number of senate republicans unfortunately who i think still have a 2015 mind set and by that, they don't understand the revolution, the electoral revolution we had in 2016 that elected president trump and a lot of them are part of the swamp as much as the democrats are and i think they want to obstruct the president's agenda unfortunately. i think they they are going to get taxes done, if the swamp is able to stop tax reform, trump agenda, i do believe that markets are in trouble and the real economy is in trouble. stuart: all right, weave got --
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we've got it, scott and steve, thank you very much for being with us this morning. up 163, 23,437. google's pixel phone to rocky start, reports of technical issues with the screen, some supply problems, shipping delays, it's gotten so bad that google is apologizing to its customers. what's next? congressman carlos carbello, republican who called for bump stock, where does the bill stand now? i want a progress report. we are going to ask him after this.
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i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor.
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betty called me at she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day. stuart: it's a rally, up 157 points, 23,430. then we've got google running
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into some production problems with their new pixel smartphone. laura joins me now, tell me an update, please, what's the problem? >> you can see that alphabet parent of google not participating in today's broad rally is because of this, their second-generation smartphone, pixel2 or pixel xl models, $249, apparently their screen burning, people had the phones for a week and they're having graphics burn into the screen. that's a huge problem, stuart, that shouldn't happen for years and it's happening now. google is apologizing, they say they are investigating and also shipping issues and pricing issues, bottom line apple i phone's, still to say the king. stuart: it's not participating in this overall rally this morning, big tech is not doing that well. thanks very much, lori, we will see you later. >> okay. stuart: in wake of vegas
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shooting there was call for ban on bump stocks, listen to what carlos curbelo told us u roll tape. >> after so many years of trying to reach bipartisan compromise on gun legislation, it looks like we may have a breakthrough here. both members on both sides of the aisle understand that these bump stocks are flagrant. stuart: well, did we get a breakthrough on bump stocks, the congressman is with us, carlos curbelo, republican from florida, update us on the bill. >> we did have a breakthrough in the sense that republicans and democrats agree that these devices should be banned, the question now is should atf do it via regulation or should we pass legislation. i strongly believe we should pass legislation, why, because atf has concluded in the past on multiple occasions that existing law does not allow them to regulate these devices, i think they will try to come out with a new rule in the future.
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i'm skeptical. i still think that bipartisan legislation is going to be the vehicle to get this done. stuart: okay, let me move onto tax cuts because that's the issue of this day and into the future, i do believe. where do you stand on this? will you vote yes on tax cut package? i know that we don't know details. are you going to say yes? >> that is the plan, stuart, i sit on the ways and means committee, this is the committee that will post the tax bill here in the coming days and weeks and this is the most important thing that this congress can do for the american people, stuart. look, i understand you probably understand one of the reasons why there's so much frustration, angst, anxiety in this country because economic recovery has not reached every single household in america, people who are doing well, yeah, it's been a good run, but for many who are still trying to get by, trying to survive, they don't see that recovery and this is our
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opportunity, republicans and hopefully democrats, coming along with us to make sure every household in america experiences the economic recovery and people feel like they have the opportunity to grow and to achieve whatever it is that successes for them. stuart: well, you're on the house side. address for one second the senate side, the president goes to have lunch with senate republicans today. he's fighting, i mean, really tooth and nail, in a very personal way with some of the senators, senator corker in particular. any word on whether or not the senate will give him the 50 votes he needs for tax cut there is? >> i'm confident that they will. i think people are going to put their personal differences aside and, of course, all of us here, we have disagreements, we don't agree on every issue, sometimes things get personal on the hill, but if we put the american people first, if we put the american economy first, we can set all of that aside and certainly, i hope, that republican senators and the
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president get on the same page today and also i hope the white house continues reaching out to democrats, centrist democrats who also want to deliver tax cuts to the american people. this is the best thing we can do for the economy, the best thing we can do for every american, individual, family and business, so i am feeling confident, stuart. i'm not making any guaranties here but i feel felt before than ever that we are going get this done. stuart: we thank you, congressman carlos curbelo. look at the market, the rally holds, we were up 180, now we are 148. that's a joke, by the way. we are up 147, plenty of green. chevy's all electric car, the bolt, got great reviews. should tesla be worried? more varney after this let's begin.
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stuart: the new all electric chevy bolt has gotten very good, i would say, great reviews including glowing recommendation from the wall street journal guy. joining us foxnews.com gary who has ridden the chevy bolt. i read the review and went off
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on user experience as opposed to cost of gas and recharging change. what was it like for you? >> it's not a sexy car, not exciting car, it's a complete car, it's not working progress like a lot of electric cars are, a car that chevrolet would put out there. stuart: the wall street journal guy said it was so quiet he could hear his watch tick, same for you? >> yeah, that's the same one for electric cars, they are going to be quiet, you don't have a noisy 4 cylinder engine. stuart: you said put the foot down and pin to the seat and acceleration is strong. >> this thing is quick as something like a volkswagen gti. now, that said it's a heavy car for how small it is. maybe doesn't handle that great but rides smooth, the thousand pound battery pack built into it keeps it planted to the road.
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it feels like a premium car. the interior material is a little cheap but that's what you expect for under $30,000. stuart: my problem with the electric car is recharging, can i plug the thing into a ordinary plug socket in garage. >> it'll take a while. it takes it overnight to fill it up, if you go to charging station, 160 miles in an hour-long charge. some people have gotten to go further then that without trying that hard. you don't have to plug it in that often. more people don't drive more than 40 miles a day. liz: the weight of the battery, does it offset or negate the cost savings? you know what i mean? >> 119 miles per gallon. you buy this, you'll pay, i think, $800 a year on energy. the equivalent chevrolet track,
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1350 a year. stuart: is it a threat to tesla? >> it absolutely is for people who are not set on buying a tesla. you are not going to get a person who wants an iphone to get -- >> yeah. >> first affordable electric car that could be your only car. now model 3 is on the way. stuart: general motor stock is at 46 this morning. a few months ago it was at 33. liz: they are coming out with 20 more different types of electric cars in the few years. stuart: very good earnings, gary, thank you very much, indeed. you turned my head on electric cars. seriously. i want to drive one. ashley: that's the key, test drive. >> that will change your mind. stuart: it would, i bet you. tax cut in my opinion looking much more likely, president trump on the verge of delivering what would be a big one. what does the left do? full-on ad campaign to impeach
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stuart: soon, you will be seeing impeachment ads. the far left billionaire, tom stier, has launched a 10 million-dollar campaign to remove president trump from office. in all 50 states the ads will say, trump has brought us to the brink of nuclear war, obstructed justice and taken money from foreign governments. stier says if that is not the case for removing and i am etch pooing a dangerous president, what has our government become. a better question might be what has become of the democrat party. congresswoman frederica wilson who tweeted this. niger, is donald trump's benghazi. oh, that is a stretch. it seems the left's contempt and frankly hatred for this president has now reached a new level. why? why now? maybe it is because president
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trump is on the verge after big win on taxes and the economy. he is getting very close. remember the old line, it is the economy stupid? yes it is. and the left is very worried that a tax-cutting deal would grow the economy. they don't want the president to get credit for that. in desperation they go to extremes. he is a racist, white supremacist, a liar. now as tax cuts appear on horizon impeach him! you will see a crescendo of hate. look for every rising hysteria from the left. all the what they piled on him since the election failed the drive for tax cuts. if the left can't stop him now they face a huge political defeat. the president is close to a very big win. the second hour of "varney & company" is about to begin. ♪
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>> he has brought us to the brink of nuclear war, obstructed justice at the fbi and an indirect violation of the constitution. he has taken money from foreign governments an threatened to shut down news organizations that report the truth, if that isn't a case for a impeaching a dangerous president, what has our government become. stuart: that is part of tom stier's ad. check your money. you will like this. look at that, 158 points higher for dow industrials. that puts them at 23,429. big tech companies however, are not, most of them at least, not participating in this overall rally. we check the stocks every day. today, most of them on the downside, very little changed. going the other way, caterpillar, 3m, united technologies, they are driving the gains today.
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cat and 3m hitting all-time highs. look at them go. sears are no longer selling whirlpool or maytag or kitchen aid appliances. that is bringing that stock down. sears barely holding at 650. whirlpool way down. 10% drop for both of those companies. now this. new report, doesn't make good reading. persecution of christians worldwide is at something of a high. here is a statistic for you. 75% of all religious persecution is directed at christians. joining us now, in our studio, the pastor of the lakewood church, well-known gentleman, pastor joel osteen. welcome to the program. >> thanks for having me. stuart: i didn't know that the persecution of christians was that bad, because, it never appears in our media. what do you say? >> well i agree with you, you know. it has gotten worse and worse. with all the fighting in the middle east and other parts of
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country, other parts of world it continues. there is forces that are trying to stop all faiths but especially the christian faith. happened way back when jesus was here. stuart: what should christians do in response? we pray for our fellow christians. is there something we should do politically? >> i don't know about the political side, that is really not my world. of course we pray, i don't think the church is doing enough including our church. we have organizations that we work with, but i think there needs to be more done as it continues to, you know, continues to happen all over. stuart: okay. should be more done. come on, you know what i'm getting at here? don't you want some political action or this congress to do something about this? >> of course we want something. i don't know what is in the works now. i try to stay in my field. that is not the field i run in. stuart: really? you won't touch politics with a 10-foot pole? >> i do. we support organizations that do that. we support leaders, get on bandwagon for things like that.
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probably not my main focus, no. my focus bringing hope to the world. lifting people's spirits things like that. stuart: when you preach in your church do you ever touch politics? there is reason for my question. >> sure. stuart: i'm a churchgoer but i do not attend churches where there preaching of politics. i go to church to save my soul, not for the preacher to look for my vote. are you the same? >> yes i am. my dad pastored our church, started in 1959. he was never in politics. myself the same. i don't get involved from the pulpit there. the reason because our church, this is one reason our church is very diverse. i want to reach the whole group. not just democrats or republicans or just one group. so my message is bigger and broader than that i have friend pastors that are very political. their race is little different than mine. what i'm called to do i don't want to turn half the people off because he says he is democrat
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or republican. stuart: you are uplifting. positive, that is the your style the way you approach your congregation? >> yes sy, it is. stuart: are you tickling their ears telling them what they want to hear? >> no. people are hurting these days. people go through relationship issues. we're in houston where we're based out of. there is cancer center. i deal with people coming there facing life-threatening diseases. i had a little girl this sunday, 12-year-old daughter dying of cancer. there is a lot of hurt in the world. my message is, god has you in the palm of his hand, he can help you make it through, grace to handle every situation. that is what i'm called to do is lift people's spirits when so much is pushing them down. stuart: i have nod read your book. i know it is just out. it is called "blessing in the darkness." what is the gist of that? what is the main thrust? >> because we're people of faith doesn't mean we'll not have
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difficulties. god uses difficulties, disappointments, betrayals, things we don't understand, if you stay in faith. they're not easy, if you choose not to get bitter and move forward, somehow god has a way to make all this work for our good. basically don't live from a place of bitterness. don't fight everything that doesn't happen. you can't change loss of a loved one. or maybe divorce or difficult times. if you go through it in faith. you can get through this. stuart: pastor joel osteen, don't be such a stranger to the world of money and "varney & company." we have a few things going for us. >> different for me. different for me. stuart: sure is. "blessed in the darkness." correct? >> "blessed in the darkness ." stuart: god bless. my take at top of the hour, billionaire tom stier is launching impeach couple campaign. former trump campaign director
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and david bossie with news new york. welcome from -- to new york. >> thanks for having me. stuart: i believe this impeachment is sign of desperation because the president is close to win on taxes, the left is going crazy. what do you say? >> they have no message. unfortunately, tom stier needs to listen to joel osteen a little bit, have a little hope for the world. president believes in what is the next greatest thing for america and our people. the left, they're stuck in this campaign of hatred. and that the unfortunate part for them. when it comes to 2018, if they don't have a message of hope, growth and opportunity for the american people, they're going to lose again. that is where the president on tax reform, on this particular week, we're talking about tax reform, he has a plan. they're outwith impeachment message that is totally off base by a man no one in america knows. this ad campaign is only about tom stier, for tom stier.
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this has nothing to do with anything political in reality. it is all for him and his selfishness. stuart: there is a big political fight going on this morning. i'm sure you're aware of this. president trump tweeting about senator bob corker. here is the quote. isn't it sad when lightweight senator bob corker who couldn't get elected in state of tennessee, will now fight tax cuts plus. he was responding to a tweet from senator corker. senator corker responded with this, same untruths from an utterly untruthful president. alert the day-care staff. how will he get support on tax cuts when they're exchanging like this? >> first of all bob corker is
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somebody not running for re-election. he decided not to run for re-election next year. he is is on his way out and this is unfortunate because what the president is trying to do is come to capitol hill today for lunch, with the republican senate conference to talk about tax cuts and what corker did unfortunately was tell the president tonight come and talk about tax cuts, to not participate in the conversation. which is not the senator's job, first. and secondly, in tennessee the president won 60% of the vote. his constituents, senator corker's constituents want tax cuts. that is why he will vote for tax cut. stuart: should the president responded like that. that this guy shouldn't have been elected dog catcher. should he said that? liz: why do that? >> i wasn't there. i don't know why he did it. when the president gets attacked he is somebody historically responds in kind and even tougher.
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that is why these senators have to understand, they can't push him around. that is what the senate is used to. they, get to why he is a very frustrated president. he is seeing no one, no one do anything in washington, not bringing forth his agenda he got elected on and they got elected on. that is why he is a very frustrated president. stuart: pastor joel osteen is still with me on the set. would you like to see the tone of public discourse raised and elevate ad little? that is an easy question. >> no. i want to see they be more respectful. stuart: you agree with me. >> yes, i'm sorry. stuart: thanks very much, indeed, pastor, david bossie. thanks very much, gentlemen, one and all. worry watching a rally for you. profits driving a current rally one we're seeing today. charles payne will join news the next hour. he is all about animal spirits. they're certainly loose on this market today.
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"the new york times" telling chief of staff john kelly, to quote, honor the truth, in the war of words with congresswoman frederica wilson. phil robertson, trump supporter joins us in a moment. the president will head to capitol hill to meet senate republicans today, after calling out senator corker this morning. you're watching the second hour of "varney & company." paul ryan speaking. while go to him right now. >> about giving those families a real break on their taxes so you keep more of your own money in the first place. it is about making the system simpler and fairer and removing hassles and headaches, to the point you do your taxes on form of a postcard which steve showed you. all the time and money americans spend doing their taxes that is time and money better spent on other things important to families. in addion to all of that, we'll help workers in a big way byeveling the playing fld for arican businesses, big and smal
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at that is going to do, it will bring back jobsno surprisen number of estimate this is alone will mean more take-home pay for families, high every wages, bigger paychex. helping middle income people is not the just the goal of this plan, the whole purpose of this plan. adopting this budget is another sign of real momentum for tax reform. of getting the train on the tracks, getting this moving to deliver real tax relief and healthier, stronger economy for the american people. i want to thank president trump for his leadership. i want to thank him expressing to our members how needed this is for the country and needed for workers. we're on the verge of something very historic. we're on the verge of something that will do something for many families. that is why we're excited about getting budget out this week and moving on tax reform. questions. reporter: [inaudible]. >> so you're going to ask a
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question not related to tax reform. reporter: [inaudible] talking about tax reform much this morning is the four escalation of the feud with senator corker. what does that do to tax reform? >> i don't think it changes our efforts on tax reform. bob supported bubble jet. wants to get tax reform. president wants to get tax reform i am glad they're coming to lunch. it is best to settle these things in person. reporter: -- travel ad lot the republicans could get the keys to the government because we're responsible, leaders of government and president is saying that senator can not get elected dog catcher. corker is calling him a liar. what should voters think about it for the midterm elections.
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>> what they should think about results for american people. what we're focused on? what is under our control in congress, getting healthy paychex, and tax reform and that is more important at the end. day. i know bob well. he will vote for tennessee, vote for america and vote for tax reform. so put this twitter dispute aside, the fact we have is had tore i can chance of actually fixing this tax code, giving people pay raises, getting the american economy growing at rate where we can actually get bigger paychecks more take home pay, healthier economy. that is what matters. all the stuff on daily basis, twitter this, twitter that, forget about it. let's focus on helping people's lives, dying things we said we focus on this or tax reform? reporter: [inaudible].
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how do you plan to lower rates without -- >> i would love to answer the question because that is what the ways and means committee chairman does but i have to refer you to the kevin brady. ways and means committee. they hold the pen on this thing, writing this bill. all the things will be answered shortly when the ways and means committee put on their mark. if you have any specific questions about it, i encourage you to ask the ways and means committee. that is their jurisdiction. reporter: [inaudible] >> the house, yes. so there is different deer seasons. there is bow season, there is gun season, there is muzzle-loader season. so you see with a beard, you know when the season is over. we get this done by thanksgiving. thanksgiving week is opening week of gun season. so our goal is to get it out of the house by then. the senate will be a little slower on their track. as you know taxes go first in the house. that is the constitution. by muzzle loader season, i can't remember exactly muzzle loader
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season. let me check with the wisconsin muzzle loader season. i do bow season. reporter: i thought you were giving it up if it meant tax reform. >> i said i would give up christmas. you're quoting me. i'm joking. you're staying here with us too, yeah. just kidding. reporter: [inaudible] >> that is what conference committees are about. thank you everybody. appreciate it. stuart: house speaker paul ryan, very much selling the tax cut program, being somewhat defensive about the fight between president trump and senator bob corker earlier today is this laying to rest the corker fight? i think it just got worse, liz. liz: we'll tell you. want to hear it now. corker is now saying i would not vote for president trump again if given the opportunity. he is retiring. if trump ran again he would not vote. he said debasement of our nation will be what trump is remembered
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for, insults and fights on twitter, constant nontruth telling. stuart: david bossie you don't think that will change senator corker's vote on tax cuts? he will vote for it? >> he needs to vote for it. his constituents sent him to washington to vote for tax cuts. 60% of people voted for president trump. president trump will not lose any sleep over bob corker not -- stuart: ashley, saying right things? ashley: all the senators need to pay attention listening? the meeting between donald trump and gop senators will be important. stuart: the fight over bob corker has not done anything to the market. up 170 points. the fight is about tax cut, we think. all right. joining me now, look at this, phil robertson, host of "in the woods with phil." i suspect, you're joining me on the set in new york city. do you have a certain culture
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shock walking down sixth avenue? >> after visiting here, it reminded me the words of one thomas jefferson. i predict future happiness for americans as long as they can find open lands to go to. in other words, stay in the woods, on the prairies, the mountains. but if we ever get all stacked up on top of one another he said as major cities in europe, we'll become as corrupt as they are. stuart: good one. >> so i'm 200 years later, i'm looking around, i visit new york, i looked at times square, human beings gyrateing, jefferson -- stuart: you love it. you love it. it is exciting. >> in the woods and stay out of trouble. stuart: you love it in new york. it is dynamic. it is active, going places, money being made. spit if in every direction, money is being made. >> speaking of money. this is shock to america.
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here i am, america, i came up with an idea about duck calls, varney. i'm a multimillionaire. i saw million come in what in the world happened to it? 400,000 went to the government. whoa. next million come in, will take 2 million to get 1.2. this bunch, here is my point. what fool would say, the last thing we need is tax cuts? stuart: you're a trump guy, aren't you? >> yeah. what are you talking about. stuart: how disappointed will you be if you still have that top tax rate at 39.6% and you have to pay 400,000 doll out of every million you make? >> they're back down on the trickle-down economics. yeah, at least some of it is coming down to everybody. so tax cuts, by the way, i have watched donald trump operate.
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i voted for him. i looked at the alternative, and it was a no-brainer. stuart: okay. >> i'm still looking at what could have been the alternative, and i'm thinking, with all of the vitriol and hatred and watching every move he makes and all the blowback from within the republican party, and democrats just sitting there, you know, i'm saying the man has done remarkably well. stuart: okay. would you stay there? recover from the culture shock briefly. we'll take a commercial break. we'll talk to you about your show. can you do that? >> i will see if i can get over it. stuart: you will. >> i'm working on it. stuart: that bank account, that will help you, believe me. reminder for everyone, please, lou dobbs will interview president trump tomorrow night. that will be at 7:00 p.m. eastern. we're coming right back with more from phil after this. ♪ can i kick it?
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♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone ♪ can i kick it? ♪ to all the people who can quest like a tribe does... ♪
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stuart: phil robertson is still with us and he has got a new show. i want to though about it. it is called "in the woods." is it in the woods with phil or in the woods? >> in the woods. there is no vitriol, hate it, shut up, the woods are just quiet. so i snd a lot of time the. by t way i saw ostn come off the set, said, osteen, cut to thr bn. uart: your new sho you have dose of politics the new show, haven't you? you're a trump gig time? i looked at the alternative is t presint ofhe united states. the ppl have spoken. iaveooked atis big bf with him. by the way, i'm 71 years old. someone says, phil, do you
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believe people have the right to protest? sure they do. because you have the right to protest, doesn't mean you have to protest. that is not a real good reason to protest. i'm 71, varney, i have never seen anything rise to the level i need to protest. i listen, look, i'm not getting in the street with a sign over my head. i'm not that fired up. stuart: you want the government to get away from me, is that what you want? >> we have to remember god forms governments of men. it is god according to thomas jefferson and according to declaration of independence, gives us our rights, life, liberty, pursuit of happiness, god gives us that, if you give allegiance to government other than than god it is idol truss hopes. stuart: crt-tv.
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"into the woods." get the rates up. we have to do a commercial break to pay me this vast salary. all true. phil robertson. thank you very much. we'll be back everyone. mike and i are both veterans, both served in the navy. i do outrank my husband, not just being in the military, but at home. she thinks she's the boss. she only had me by one grade. we bought our first home together in 2010. his family had used another insurance product but i was like well i've had usaa for a while, why don't we call and check the rates? it was an instant savings and i should've changed a long time ago. there's no point in looking elsewhere really. we're the tenneys and we're usaa members for life. usaa. get your insurance quote today.
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is everything ok?adt, i could hear crackling in the walls, and my mind went totally blank.
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wozniak says first phone he won't buy on day one. he is fine with his apple iphone 8. hudson bay, upside. they announced a deal with rework, a real estate startup. rework will buy the structure of lord & taylor, make it into their headquarters. liz: that is correct. stuart: paying $850 million. liz: what a red flag for the retail industry. telling that iconic building to rework, biggest private startup company. stuart: retail ice age. the country's biggest union organization, afl-cio, elected richard trumka again. jeff flock at convention in st. louis. i want there are very few trump people there. i imagine there may be trump people in the audience, actually? reporter: this is largely leadership of unions that make up the afl-cio. the leadership tends to be
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pretty anti-trump. among the rank-and-file you're absolutely right, stuart. if you look at numbers, being typically republican presidential candidates don't win union households. president trump did better than anyone, president reagan, president after pretty big union. did better than anyone since reagan with union households. they think that put him over the top. leadership of these unions, american federation of government employees, speaking of that over my shoulder. you can imagine they don't have a lot of positive things to say. trumka himself said i think i quote him now. president trump has really not done a lot to help workers so far. despite the fact that actually trump and trumka have a lot more in comma than the first four letters of their names. they actually agree on things like nafta and tpp. infrastructure spending. they agree on all those things. there are a lot of issues they
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don't agree on. we're hearing that loud and clear at the convention today. stuart. stuart: jeff, keep us up-to-date throughout the day. thank you very much. i have this for you. mcdonald's, big dow component. very interesting financial report today. the stock is up. their sales in the united states, north america, up, very strong, 6%. joining me is andy puzder, policy advisor for american first policies. that is strong report about sales in the united states. i'm taking as indicator about a strong economy. how about you? >> it is indicator after strong economy. mcdonald's has a lot going on. same-store sales up 4% in the u.s. 6% internationally. gone to more quality products with the craft sandwich. fresh ground beef for the quarter-pounder. that is huge. got rid of 4,000 restaurants.
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refranchiseed 4,000 restaurants in china a year ahead of schedule that gives you more stable income stream. uber eats they have that will bring up same-store sales. if they can work out delivery of burger and fries with uber eats they will be ahead of everybody. the company looks very good, very strong. stuart: tell me about the earnings reports, general motors, $2 billion of worth of profit in america. 5 billion-dollar profit from china. 3m same story, strong profits, strong revenues, if you take them overall, looks to me like economic indicator suggesting real strength and growing strength in the economy. am i overdoing it? what do you say? >> not a bit. that is absolutely the case. you have fewer people unemployed than we've had in 10 years, even though the economy, the population has grown. we've seen despite what mr. trumka said, we've seen earnings go up 2.9% over the
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past year. that is the highest in eight years. we have more people employed than we ever have had employed. labor participation rate is above 63% for the first time in 42 months. everything is coming in very strong. business optimism is great. consumer optimism is great. the economy is on fire. stocks are picking up on that. people are producing very good results. this is, this is an economy that is booming. i wish that were a story that we talked about more. ought to be talked about everywhere. stuart: look what we have got going on today. extremely strong profits. a he -- a growing economy. out of corner of my eye, other news networks are talking about the trump-corker fight or pentagon troops being attacked by isis fighters. that is what they're talking, no mention of the stellar economy and stellar growth. give you the last 10 seconds.
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go. >> the stock market, you know the guys on wall street are paying attention to the numbers. we've had so many historic -- the news yesterday was the big news was, we didn't hit a high. that is how many highs we hit. the news is we didn't hit a high. this is tremendous. although i feel like a pagan coming on after phil robertson talking about anything. stuart: come on anytime you like, andy puzder. stay there for a second. i want to bring in fox news radio simulcast with brian kilmeade. kilmeade with us, head of the kilmeade show. headline in "new york times," honor the truth, john kelly, implying to me they don't believe he is telling the truth. where are you on this? are you getting any calls from your listeners? >> most of them, 99.9% over last four days, actually more than that, have been firmly in kelly's corner. i put kelly's remarks down with president remarks on race impromptu and reaction to the
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news. i thought his remarks in 2009 or 2008 were fantastic, kelly coming out talking without notes about his son, when a soldier dies the process they go through and walk through arlington as moving as i have ever seen, especially in an afternoon when most people missed it. the impression he got sitting in 2015 as they were dedicating a building, talking about process, how much credit she deserves for doing it. listening to it backs doesn't sound as extreme as he portrayed it, that is minor thing. for the most part she talked about her and legislating than about the building and fbi agents. i think he is done for this. he went to bat for his guy very sincere way. the guy being president. what was underplayed the reason why the president says what he says when he talks to widows or survivors of those slain in battle. he said, i was told by general dunford, my best friend.
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your son died doing what he wanted to do, in a place he wanted to do it with a people he wanted to serve with. that is exactly what the president portrayed. now if you read "the daily caller" on saturday, they had actual audio from the president talking to another family and they loved president's remarks, they thought they were appropriate and moving. the president said, turned around you're invited to the white house when you're in town. this was not taken by a widow. i will not tell them how to grieve. some people are angry. some are not. general kelly should not apologize. i think we're done with. stuart: almost a childish fight between senator bob corker and president trump. it is really getting down and dirty. this is from president trump. of the senator corker is the incompetent head of foreign relations committee. look how poorly the u.s. is done. he doesn't have a clue as the entire world was laughing and
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taking advantage of us, people like bob corker -- liddle bob corker have set the u.s. way back. now we move forward. what do you make of this? i don't think the president and leading senator should engage this us. >> lose, lose all around. maybe he is fighting to be the next cn in contributor. knew exactly what he was doing. went on all the networks, baiting president trump, who is going up to push tax reform. why is it necessary to say photo-op? he is chuck schumer all of sudden? does it work to the people of tennessee to get a tax reform? they elected a republican. they overwhelmingly voted for president trump. if you can get your personal animus towards the president away from it, do what your job description should be, tax reform, maybe you want to change some portions of it. that is fine. to say the president coming up
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for a photo-op. then to go on to say on foreign policy the president should leave it to the professionals? i mean, come on. he knows exactly what he is going to get. he comes off as the cerebral professor this guy is not who he portrays himself to be. i'm not sure he would have got another six years. he is diminishing his office and his position. baiting the president into a fight totally unnecessary, that you would expect from someone like senator menendez and senator schumer i think is totally out of bound on the tennessee senator. stuart: brian kilmeade. always a pleasure. good stuff indeed. >> go get them, stuart. stuart: i want to get back to andy puzder, real fast, andy, what do you make of this fight, corker and the president? will senator bob corker still vote for tax cuts? >> look, i'm a tennessean. i'm here in tennessee right now. we want tax cuts. i know bob corker. i know the president. i like them both. i absolutely believe bob corker
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will vote for tax cuts. i don't think he will look like the smaller person. i think he will vote consistent with his principles and what the people of tennessee want. stuart: that's what we want to hear. andy puzder. thank you very much indeed. >> thank you, stuart. stuart: what is next? we'll tell you. high-tech police cars that are able to identify people and guns, identify people and whether or not they have got guns. could the technology go too far in terms of privacy? we'll deal with it. next. ♪ [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest
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ashley: president trump will break bread with senate republicans at weekly lunch today. senator john kennedy in the broadcast wants to talk infrastructure with the president. roll tape. >> i want to hear him endorse my idea how to fund the infrastructure plan. we have $2.6 trillion overseas owned by american businesses. they will not bring it back to america, stuart, because as soon as they do they have to pay a 35% tax. i want to make them a deal. a 5-dollar-foot long subway special deal you can bring it back to the united states, that money, and only pay say 9% tax. then i want to take that money,
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i don't know how much in taxes it will generate, couple hundred billion, hopefully, i want to spend every single penny on infrastructure.
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stuart: breaking news on important subject. report that lawmakers meet today to discuss the possible elimination of deduction for state and local taxes. ashley: those involved in the tax-writing process, kevin
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brady, steve scalise. mccarthy will meet with lawmakers from new york, new jersey, illinois and california. this is about the state and local tax deduction and whether they lose it or not. there is talk whether it stays in the bill and if so, can it be tweaked? those with making more $400,000 or more. 400,000. liz: what a situation nancy pelosi and ron wyden are in defending a tax bracket. that is what they're defending. stuart: any high income earners in new york, illinois, massachusetts, california, if you're democrat or republican, you will hate this because you pay a whole lot more in taxes. ashley: yes. liz: 80% of that deduction is taken by the 200,000 plus crowd. seven states account for half the deductions. democrat states. stuart: that is pejorative, the
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200,000-dollars plus crowd. what do you have -- liz: you're absolutely right. stuart: now this, new technology available for police cars. smart dashboard cameras. that is the best way to describe it. can identify a suspect at a distance. see if that person is carrying a weapon. you have a 360-degree field of view. that is what it being loos like out of your dashboard cam. by the way information can be fed to the cloud so it can be accessed by other police officers in different situations. joining us now, the person behind that tech, doug dickerson of coban technologies. will come to the show, doug. >> thank you very much for having me. stuart: i stick this thing on dashboard of a police car, i can look forward, it has facial recognition? >> that's right. it can recognize faces t can recognize vehicles. it can recognize guns or weapons. the system can be trained to look for any objects in the video. stuart: but, if i have a coat on and packing heat right there underneath the coat, you can't
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see that can you? >> well the interesting thing about the technology, because it uses artificial intelligence, if it sees part of a gun, it can learn over time part of a gun could be a gun. so it is quite flexible technology. stuart: so it learns from itself? >> exactly. stuart: as it acquires more images and more about those images? >> that's correct. that's correct. stuart: you have a privacy problem though, haven't you? >> well in some cases you do. so many applications don't really relate to privacy. the technology can be used for a wide range of applications. for for those that do, facial recognition or targeting vehicles that sort of thing, the governing bodies need to get together to think about what statutes an policies need to be for deploying this technology. very much like body cameras, when we started rolling body cameras out a few years ago there, were major questions, when do you record, when do you not record. we'll need to do the same type of thing for this technology. stuart: what your technology does is give a great deal more
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input to the police officer looking around the car and everything that can be seen. that officer gets a whole lot more information, correct? >> that's correct. it makes them much more aware of their surroundings. so they can -- an officer today, if you looked at an officer, they're loaded down with gear. they have things all over their body. they have so many responsibilities, and so, by having this technology in the vehicle, they're able to focus on their policing responsibilities and have the system working in the background. stuart: now could the police commander look at video being received by that police car, make an executive decision back at headquarters? >> absolutely. in one of the best applications that we're working with a customer on right now, is officer safety. so an officer pulls over a citizen, they do a traffic stop, what happens in the if the officer is goes down?
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the system can learn, if the officer falls down or something happened, if he is wearing a body camera or she is wearing a body camera, they have gps location and the body camera knows the location of officer. the headquarters can stream live video of what is going on and whether the officer needs some kind of assistance. stuart: fascinating. how much? >> couple thousand for lower end system. stuart: for each camera system on each car? >> for one system in a car. stuart: not arrived, yet? you're selling it now? >> we're rolling it out early next year. stuart: good luck. covan technologies, doug dickerson. you're a private company. >> we're private. stuart: going public if you sell a lot of them. >> not yet. stuart: thank you, doug. appreciate you being here. >> thank you. stuart: president trump, he will head to capitol hill very smart shortly. he is having lunch with
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republican senators after the issue with senator corker this morning. they have got to get this done. they have got to get this done. we'll be right back. ♪ arns. it's great to finally meet you. nice to meet you too. your parents have been talking about you for years. sorry about that. they're all about me saving for a house, or starting a college fund for my son. actually, i want to know what you're thinking. have a seat. knowing that the most important goals are yours. multiplied by 14,000 financial advisors, it's a big deal. and it's how edward jones makes sense of investing. my "business" was going nowhere... so i built this kickin' new website with godaddy. building a website in under an hour is easy! 68% of people... ...who have built their website using gocentral, did it in... ...under an hour, and you can too.
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>> the tax battle is still going on this morning. the president and bob corker battling on twitter. we have tony sayegh, from the u.s. treasury. >> great to join you, stuart. ashley: get down to it, what message does the president have to deliver to senate republicans today? what does he have to say? we need tax reform this year. the economy needs benefit of historic tax reform and tax cuts first time in 30 years. we need to grow the economy at sustained level of 3%. that is millions in jobs in created. trillions in terms of revenue to the government over 10 years. we need it done immediately, stuart. there is a wonderful opportunity. the president has been leading on this from day one of the administration, to get the senate, the house and administration all on the same page when it comes to doing tax reform. i think we're there. we're in very strong position. ashley: the kumbayah moment sounds great, tony.
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when you look what is going on between the president and mr. corker on twitter that is anything but. how much of a distraction is that and how much does it hurt the overall process? >> senator corker voted for the very important budget instruction that came out of the budget committee he serves on. he voted for it in the senate. we expect that budget to be voted on in the house so we can move on the tax reform legislation coming out of ways and means commit toe very soon. when you are senator corker, you look at your own home state of tennessee, for the last years they have been who hovering 7.6 unemployment after a year of president's policies, they are 3.7%. you know that the president's agenda is good for the economy and this country and hope you support tax reform. ashley: tony, thank you very much. we'll have more "varney" right after this.
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..
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stuart: a couple hours from
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now, donald trump attending the weekly lunch. the first he never attended before. 50 votes for tax cut sounds easy, 52 republicans in the senate. and 50 votes for tax cut. the president has to reassure the moderates it is the middle-class tax cut, not a giveaway to the rich. he must reassure conservatives they will produce strong growth but must convince the gop if it is not convinced already that the party will lose big time if there is no tax cut deal. surely they will listen. they will see the writing on the wall. you say yes to tax cuts and handed to bernie sanders, nancy pelosi and what is left of the
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clinton machine. mitch mcconnell will address the cameras. how will the president do? that is when we will find out mitch may move the market. the third hour of "varney and company" is about to begin. stuart: playing guns and roses in our audience. welcome to the jungle, the rain forest. look at this. look at this. we are down 184 points, 185, 23,459, plenty of green left-hand side of the screen and donald trump tweeted this. stock market hit another record high. looking very good.
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can donald trump get the 50 votes he needs from the senate? going for lunch with republicans in the senate. peter kiernan with us for the hour, author of american mojo, lost and pound. grover norquist, hold on, let me pose the question, can the president get the 50 votes he needs for tax cuts in the senate? >> it will be 51 or 52 at the end of the day. you saw with the vote on the budget which you had to have in order to get to tax reform, susan collins said i am yes on the budget because i want to do tax reform, signaling are 1-vote but the upcoming vote on tax reform, murkowski of other
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morning tweeted for tax reform. stuart: that was a very firm yes, that is an important point. peter kiernan, i want to talk markets, a big day on the stock market. more to the point, a big day for profits which implied to me the economy is growing nicely. >> great earnings momentum. caterpillar shot the lights up, did a phenomenal job. the dow component doing well
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followed it. things like ge which is down 25%, the worst performer of the dow, they come up with their strategy. don't buy the lost souls. this is a great day. stuart: it is off and running. political story of the morning is this fight between donald trump and senator corker, a low-level fight, almost personal. that stop bob corker voting yes on tax cuts. >> a strong advocate of progrowth policies, worked with him and battled in tennessee, he has a long history of supporting tax reduction, deregulation, fighting labor union abuses, a loyal party team player, back and forth, he is a grown up too, and turn
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around and votes. and a tremendous impact on the shape of this tax bill, he has always wanted to be in the room, wondering, and he has been in the room. stuart: all those senators who really went at it with the president during the campaign and after on a very personal basis come all of those senators put that to the side and say yes on tax cuts. all of them. >> look how well disciplined ted cruz has been, rand paul spent a lot of time talking to donald trump and was the leader of getting trump to sign the executive order on buying insurance across borders, that was a tremendous success of rand paul's. there's a track record of senators behaving well in the president being able to let things slide even if sometimes he tweets. phil: you may have moved the market a little bit. we were 181 when you started,
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51, 52, now we are up 189. but well done. well done indeed. >> before christmas. stuart: might move a couple points. will it be retroactive? >> there may be pieces of, pedestal been decided. it is largely written but there is a lot of movement back and forth what they can accomplish. be 24 we will see you soon. stuart: i want to get back to general electric. i have a thing about ge, don't understand why people don't buy it at 22, so depressed. what do you think? >> they are setting themselves up, a new chief executive and chief financial officer, two vice chairs say they are out of there. a new board member who is an activist. those things feel like the
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field is fertile. and integrated with baker hughes, they admit their power basis, they jettisoned all of the ge capital activity, the most important determinant of ge stock price is the price of oil. one thing i would worry about for your viewers is what is the sanctity of the dividends, people who are concerned on the dividend. a great strategy, selling off more. up to this point searching for a strategy and promoting cost cuts. we cannot cost cut to being a great company. if you are playing this poker game let a few more cards turnover.
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stuart: don't buzz me, want to talk about the fed. donald trump is close to naming a federal reserve chair nominee, looking at the top candidate moving in the markets. liz: for the economic summit, the two lead candidates, jerome powell, stanford university economist john keller. jerome powell thought to be light on regulation, more of the same to john taylor, hawkish on interest rates, if he was fed chair now, 3.75%. stuart: whoever he chooses, would it move the market? >> it is more of the same. if it is something more hawkish, one of the things that is frustrated is the market is not behaving and inflation has
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been hidden. they were tempered to because inflation has been moderate. look to certain parts of the geography, inflation coming back, you want a little but not too much. i think it will depend who he picks. the much more hawkishness and this may be time for monetary modesty. stuart: okay. only time will tell. two dogs, and onset with me, that is abigail, that is atlas. they have been awarded for their acts of heroism, canine heroism, don't miss this, this is good stuff. looks like atlas.
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we used to call those something else in england. in america they are german shepherds. part of london where all the criminals used to go. >> going to the dogs. stuart: we have to deal with taxes. looks to me [like] is not proceeding. look is here to talk about it. nigel farage will smile about it next. ♪ nah. not gonna happen.
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stuart: i want to talk], seems to have gone nowhere since the vote. what does nigelfarage think about this? sometimes it seems it is just forgotten, nothing is happening and we might stay in the european union.
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what is going on? >> it has not been forgotten, it is talked about constantly. interestingly. stuart: you call a tease. interestingly. stuart: i think we got him. he will appear on screen at a moment. bear with us, there he is. pick up where you lost. >> it is not being ignored. it is being talked about currently. interestingly the british public are much more pro-brexit than they were, 70% of people just want to get on with that. the building behind me, occupied by career political class and led by a prime minister who doesn't believe in it was there is a big attempt
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among our politicians, by the multinationals and goldman sachs to delay, water down and ultimately keep us outside the european union in name effectively still part of its structure so there's a lot more work to be done. stuart: what is your prediction? in the next two years, will the brits be out in the next two years? >> i think we will have left the european union legally at the end in march 2019. not to do so would lead to a political revolt the likes of which we have never seen in this country. that is how strong public opinion is but they will wrap it up in a series of transitional deals, we left it in name only. that is my prediction. stuart: got to bring this to your attention. there is a billionaire over here, stateside, he launched
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and impeached trump campaign. >> he has brought us to the brink of nuclear war, obstructed justice at the fbi and in direct violation of the constitution, has taken money from foreign government and threatened to shut down news organizations that report the truth. that isn't the case for impeaching and removing a dangerous president, what has our government become? stuart: that add, sure you have seen it, it will run in all 50 states, $10 million campaign, impeached donald trump. was behind this? >> he is a sore loser then hillary clinton. trump won. there are no grounds to impeach trump whatsoever and i don't care whether he spends $10 million or $100 million, if he is not going to influence the votes in congress or the senate he is whistling in the wind. stuart: before we close, something you said earlier, you
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telling me opinion polls now show 70% of brits in favor of leaving come in favor of brexit? >> 70% of brits regardless how they voted now think the government should get on and do it and that is because some people genuinely change their minds, they realize these terrible visions of apocalypse if we voted to leave haven't happened and other people in this country, take note, hillary and friends, who are genuine democrats, wanted us to remain, respect the will of the people and that is why 70% want the government to get on with it and it is so frustrating to see a prime minister with no vision, no passion, taking it nowhere. stuart: i don't think our american viewers know much about that but nonetheless.
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molasses is the term. you are all right and see you again soon. thank you very much. at half in england is different. now this. google pixel phone off to a rocky start, reports of technical issues with the screen, supply problems, shipping delays. it got so bad google is apologizing to customers, stock turned around, it is up $3 at 989. we are on this story. espn has trouble canceling a controversial new show called barstool. it only aired once, big trouble for espn. more on that coming up. we will be joined by these two hero dogs. that is abigail and we will show you atlas, both received awards for their courage, that
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is abigail, the german shepherd, got rewards, there is atlas, they will be onset later in the show. this hero, retired army captain gary mike rose credited saving dozens of lives while dodging bullets on a four day mission to laos during the vietnam war. he received the congressional medal of honor for his heroic service. back after this. ♪ ♪ watch this man ♪ no one can beat anywhere ♪ alerts -- wouldn't you like one from the market when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity.
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♪ stuart: puppies, hero dogs we have been telling you about on-screen right now. abigail and atlas. american humane ceo doctor robert can set is here to tell us, they both won awards. let's start with abigail. what did abigail do? >> abigail is the emerging hero dogs who does extraordinary things. she survived the case of dogfighting. her ear was torn off, she was
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rescued and saved. a lesson for all of us about the cruelty of dogfighting. stuart: she looks very passive right now. >> very special dog. she won america's top hero dogs. we are winning you the hero of this entire campaign. stuart: let me turn to apples, german shepherd, beautiful dog. >> atlas is our top service dog in this country. a service dog for a wounded warrior, suffered from tours in afghanistan and iraq serving our country, the service dog, allows this wonderful hero to have an enriched life. stuart: that is a very good
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idea, american humane society, you have an award show and it is a way of highlighting what these dogs have done. how many years of you done this? >> 7 years and we have a show that airs on hallmark at 8:00 pm eastern time, 7:00 pm central where we are able to share all their stories which two of seven american hero dogs -- stuart: we love this kind of thing on the program. you deal with politics and money. all the time. we are all dog owners. we are happy to bring them on the show. >> thank you for welcoming us. stuart: beautiful creatures. would you be offended if i said their beautiful creatures? >> that is perfectly fine. they are man's best friend. stuart: you for joining us. atlas and abigail, wonderful stuff, we appreciate it. later this hour, congressman devon nunez, house intelligence committee, will hold a news conference. we expect it to be about the russia uranium probe. we will bring it to you. ♪
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stuart: more of that. acid rock at 11:29 eastern. the dow earnings day today, a market rally. the song is get off my lawn. liz: sounds like mister wilson. stuart: settle down. charles payne is here. these earnings reports are really good and the market is taking off. animal spirits? charles: i keep telling everyone we have gone from the excitement generated on november 8th that morphed into reality. let's talk how amazing this stuff is. caterpillar, the big number of 24%, they hired 2800 americans this last quarter. every business was up, north american construction of 31%, mining up 28%, energy up 22%, they have big numbers. another when stanley works,
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amazing, organic growth, margins are extending. everything going well. 3m, growth in every business group, growth across all geographical areas, industrial 6%, safety up to present, healthcare up. let's talk about disposable income, snowmobiles, off-road vehicles. best quarter in company history. absolutely amazing things going on. stuart: economic question. does this imply the underlying economy is strong? charles: it is amazingly on fire. let me tell you something. all these have something in
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common. and big thing on taxes, i give you the tax rates for all these guys. caterpillar was 24%, 34% caterpillar. can you imagine that? that would be a huge bonus, polaris paid a 25% tax rate. we start to consider a 30% tax rate on top of the juggernaut things. stuart: very good. peter morici from the university of maryland, very strong corporate profits, does that mean the underlying economy is going strongly?
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>> the underlying global economy goes strongly. out of the financial crisis, the us growth rate, donald trump in a neutral situation, and that is a good thing. if you get the tax-cut it is better but the global growth rate looks like it will be 3.7%, these are one thing in common, they sell abroad as they do here. we go back where more than half of the profits growth is a broad. coming into this morning the ratio of the s&p 500, would be about 25. because of what happened, a year ago it was 25 and the last 25 years average 25, the next three quarters at 12.7% the average it is being forecast,
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people starting to increase their forecast, there are good underpinnings for the market going forward. what could to kill this, markets are psychology. if they don't deliver on tax-cut that could deflate things, but be clear, this is not a bubble to be deflated. this is the underlying strength of the american corporate sector. it internationalized itself over the last two administrations, and as a consequence we are like holland in the 17th and 18th centuries, they made money. stuart: speaking live, the spat with donald trump. >> staff is asked me to intervene and do something off the tracks and look, i have seen no evolution in an upward way. i would say it appears to me
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almost devolving but look. everybody has their own opinion about that. i am here to serve. >> why aren't more of your colleagues speaking on the way you are? >> i have been very independent the whole time i have been up here. i probably have a unique relationship. i've gotten to know him in a different way than a lot of senators have through this last year. i also told people of tennessee -- run for two terms. gives you a sense of independence, i think. i was in a pretty tough business, started when i was 25. i have been around people that have mentalities of our current
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president. through life, learned how to deal with it. >> do you have any interest in repairing your relationship with the president? >> what is that? >> how do you feel about the delayed implementation of the resin connections? how do you feel about delays? >> i can't hear, so many questions at once. i will see you all at lunch. stuart: that is senator bob corker engaging in almost dynamic fight with donald trump. personal insults backwards and forwards. senator corker who is about to go into the lunch attended by donald trump and the other republican senators. i think you agree with me on this, he was -- he will still vote yes on tax-cut. >> he will.
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he got to go before the big lunch. the fact is these two gentlemen are not behaving thoughtfully, rationally and not helping the government or the people at all by this spat. it is ridiculous. leaving in 14 months, shouldn't have the right to say anything he wants. liz: for bob corker to do this when the republicans need to get together and show unity for once, this should not drive a stake through gop unity. they need to stop, bob corker and donald trump need to back off, this is about tax-cut and what is good for the american people. stuart: we have a fight between donald trump and bob corker right before donald trump goes to lunch with senate republicans where he will be pushing tax cuts. we don't know whether the president will emerge with 50 vote in favor of cutting taxes and we don't know how senator corker will respond to what has been going on before hand. the twitter storm. it has not affected the market at all. the dow has gone straight up,
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broadcasting all day long what is going on with the president and senator corker and still going up. the animal spirits up 187 -- stuart: quilt the homes reported. i agree about the lower economy, blue the covers off. the new orders are up 11%, the value of 23%, backlog up 15%, the value of the backlog up 26%, new orders in every region of the country and the ceo so excited because they are seeing first-time buyers, the animal spirits are alive and well in america. from corporate america, these aren't surveys. they have offices in the northeast, southeast, florida, midwest, western part of this country, these are not hunches, they make billion-dollar investments based on this information and that is why i
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love to follow on. stuart: thank you very much indeed. the principal opposition in the media to donald trump and his policies comes from new york times columnist paul krugman. a totally outspoken critic of the president. our next guest wrote this. paul krugman is nearly always wrong. how apropos to have the author of the article on the program right now and here he is, welcome back. i want to go through the things krugman has said and you tell us why he is wrong. you say his solutions are all wrong. tell me. >> krugman rights for the failing new york times as the president calls it and has a certain base of fan followers all of them on the left. 's answer to everything is raise taxes and let the government solve the problems by spending more of our hard-earned money.
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he never gives another solution, another thoughtful or creative solution to any of the problems he writes about. stuart: he also says -- krugman is nothing more than an establishment ventriloquist to. explain that. >> during the campaign he puppet at all the lines of hillary clinton. might as well of been on her payroll. he is very anti-trump and criticized not just his economic policies but everything else he has instigated. he detests anyone who is in enterprise, he doesn't think ceos know how to run the economy, only macroeconomists are qualified to do that according to krugman. stuart: thanks for joining us. terribly sorry i have to cut this short. i do apologize. i have breaking news of all
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different kinds. any moment from now, from devon nunez, chair of the house intelligence committee, could be about the russia uranium probe, that would be a big deal. you will hear this live moments from now. ♪ a jawbreaker ♪ baby ♪ over there ♪ ial crisis, and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor.
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stuart: an important development in the hillary uranium russia, moments from now, you like that.
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it is holding a news conference right there on your screens any moment now, a big deal, we go to it when chairman nunez starts to talk. i got to tell you about a big stock market rally and this thing, chevy unexpectedly stopped production of its new 2018 corvette. was only in production a few months, gm scheduled to build 9700 for next year but that is stopping production as of now. the story on general motors, $2 billion profit in the last quarter in america, $500 million profit in china, why general motors is up another buck today and one of the reasons this market is going straight up with a new high for the day up 193 points. this is about strong profits, likely tax cuts and a strong economy. >> when you focus on the growth of the world economy and if you look at virtually every car company building an electric car in china, china now
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manufactures something like 25 million cars a year, we are closer to 4 million cars a year. the difference is look at the average car per thousand people, 400 americans per thousand own a car. put 1000 people in china, 32. by the way, india per thousand people, 20, which means these countries are just entering the automotive age. there is an expose of growth occurring and if you are the best car company in the world and different, they are gleefully happy at the explosion of growth. stuart: big-name companies
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reported their profits today. united technologies did report pretty strong profits and good guidance for the market so that stock is down but general motors is up one dollar at the moment at 46, caterpillar coming in with a terrific performance, strong revenue growth hit a new high today, one of the dow 30 stocks helping the market and we just gone to a gain of 200 points. the dow is up 200, 23,000 before, we are 525 points from 24,000. liz: truly historic. we have gone 242 days without a downturn of 3%. that is 111/2 months. last time we did that was 1995. only 1% move four times this year, last time we did that, 1954. we are in historic times for this market and the parabolic move in gm was when gm said we
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would go to electric cars, different types of electric cars in four or five years and it went parabolic starting in august, that is when it took off in a tight trading range and moved higher. if gm could win the battle for electric vehicles in china going toe to toe with tesla watch that stock. stuart: i don't want to get carried away but i have never seen a rally like this. >> bringing along all boats, i used to own ge and sold it last week because there's good and bad being elevated. when you have 45 of the top 45 economies of the world growing you have serious doubts, this is a market where companies make a lot -- liz: pure unadulterated cash flow out of the world center banks, $20 trillion plus money printing over the last three
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years but all the central banks combined that money is sloshing toward return and that is the stock market. stuart: listening to all this is our guy in california, larry elder. he is smiling. you are in los angeles looking at the president having an extraordinary fight with senator bob corker, ca stock market going through the roof and what are you thinking looking at this? >> i am not in california. i'm in minneapolis where i will have a leaving with larry, one of my affiliates. i'm smiling because i was thoroughly enjoy your guests beating up on paul krugman, the economist for the new york times. as far as damage done to fiscal prudence and free markets, no more damaging economist since john maynard keynes compared to paul krugman. this is the only economist according to a study by graduate student from george
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mason who literally changed positions depending on whether there is a republican or democrat. when a democrat is in office krugman is okay with deficit spending. when it is a republican he is not okay with deficit spending. there is a word for that and the word is head. stuart: you got that off your chest. >> been wanting to say that for years, thanks for giving me the opportunity. angry letter to follow. stuart: what do you make of this nasty twitter storm between donald trump and senator bob corker? really low level stuff. almost juvenile in the insults they are tossing around. what do you make of this? >> it is. corker is leaving so he's taking shots not having to run and after he first started this twitter storm they were going crazy over this at cnn but could not get another republican to pile on.
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they called every single one of them and not a single republican wanted to come on and verify the things corker is saying. donald trump is still the man, when the republicans leave him and start coalescing and attacking him in mass he will be in trouble but that isn't even close to what we have. he is still the guy, the leader of the party and aside from people like bob corker who is in the minority donald trump is still managing the party. stuart: from your perch in minneapolis and normally in california what do you think of the chances of a tax-cut deal? i think it is 80%. what say you? >> i think it is closer to 95%. even president obama said the corporate tax rate was too high, you have democrat saying the corporate tax rate is too high. there is commonality. this is not like healthcare deal with people all over the place, taxes are too high. the only question is whether there will be an exemption for state deductions which will
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benefit wealthier people. that is where the divide is but as far as reducing corporate taxes, there is no divide. they will come down. stuart: it is a big deal whether we keep the deduction for state and local taxes. if we keep it and things stay as they are than wealthier people will not be paying more with this tax-cut package but if we get rid of the deduction, wealthier people especially in california, new york, new jersey, connecticut will be paying a lot more, not a lot less. where do you stand on state and local tax deductions? >> in the aggregate, everybody ought to have their taxes lowered. i get why one stated upset with some states exempting taxes and another can't because the other state is subsidizing that one. let's lower the tax rate for everybody so ultimately everybody who pay taxes pay fewer taxes. that ought to be the goal. that was the goal with ronald reagan, george w. bush, that is
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the goal here. everybody who pays should get a break, everybody. stuart: let's turn to peter. it would not be very stimulative for this economy if we did away with that deduction because a lot of high income people would pay more. >> it may be the least worst alternative. i thought the border adjustment plan was a terrible idea, bad for our economy. this is bad for a few states. a little ironic in some respect that the way it is written now corporations can still deduct state and local taxes even under this new plan. it is a little bit of a tilt towards corporations. what is going to happen in my opinion if this goes to the 1% will pay more and just find. liz: why is nancy pelosi and chuck schumer -- >> with that one. stuart: what do you say? you will be just fine even if you can't deduct your enormous
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california tax you will be just fine. >> of course i will be just fine. the point is the top 1% are productive, they hire people. they invest in a moment and expand the economy. stuart: the press conference with devon nunez is beginning and we will listen in. >> mister gaudi can't get pulled from meeting the is in but with me today i have mister chief from new york who chairs our subcommittee on emerging threats and mister desanto's from florida who chairs the oversight committee on national security. what we are here to announce is the inquiry into russia's involvement in the uranium deal. this was done several years ago. this is just the beginning of this probe. we are not going to jump to any conclusions but one of the things we are concerned about
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is whether or not there was an fbi investigation. was there a doj investigation? if so, why was congress not informed of this matter? that will be the start of the probe. two different committees looking into this, we will keep you posted with further details. let me go to mister desanto's. >> we have a witness who is a confidential informant who wants to talk about his role in this and in contact with the justice department to release him from the nondisclosure agreement. if that doesn't work out in timely fashion we obviously would be able to subpoena him. in the oversight committee particularly my subcommittee we focus on how the interagency process worked in this. we don't think it worked out very well so we have jurisdiction over various national security agencies and we want to get as much information as we can to see
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what happens. >> next we go to mister king, of particular relevance not only because he chairs the subcommittee that oversees the treasury from our committee but also because he was chairman at the time and sent a letter in opposition questioning the sale of this company who sent a letter to secretary guyton are --geithner. we are glad he is our deck up man on this committee investigation. >> in october 2010 i was ranking member on homeland security, myself and three other members send a letter to the treasury department raising real concerns about why we would allow a russian owned company to get access to 20% of america's uranium supply. any objections we raised, brought to the highest level. we got a response from treasury secretary geithner, saying this
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was getting full scrutiny so it was brought to the highest level of the obama administration including the treasury secretary. it is important to know why this deal went through, recent allegations or questions have been raised. it is essential this inquiry go forward done in full coordination with government oversight am a won't be any conflict here and we will go forward together and specifically emerging subcommittee of the intelligence committee has jurisdiction and counterintelligence efforts and treasury department so it fits uniquely here and in view of the fact that 7 years ago this month, i raised these
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objections with the treasury secretary who said they would be fully investigated and we want to see what happens at that inquiry and what information was brought to their attention, what they knew then and why they acted or did lawrence put it in context of that. this will go forward and we look forward to working with rhonda santos who is an excellent member of congress. >> what evidence is there of the investigation for the foundation and -- say that you met assistance to that? >> let me first say, our committee has been looking into this for a a while now. we have been in touch with different individuals who have brought us information. there is a concern over the nondisclosure agreement. we don't think that is a concern. we think any american if they have information even if it is at the top secret level they
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can come to the house intelligence committee and provide that information as a whistleblower if they would like but we are interested in talking to any individual and any agencies that might have this information. this was not investigated but i'm happy to report the house leadership is fully behind the current investigation. i would have liked to do this sooner but we are where we are and we will get the facts with their support. >> congressman jordan having problems getting a response from the justice department under hillary clinton issue. how >> on this issue from the justice department? >> i think a, some of you have followed our challenges dealing with doj and fbi, getting timely information including the ic. that is one of the reasons for working jointly with the

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